Homework on Mempool - Questions

[Mauro]

@cryptologos

A growing mempool drives up fees because transactions slow down and senders will increase their fees to ensure their transactions are confirmed with higher priority.

I assume you meant to say that the transactions speed up. A growing mempool means more transactions that need to be confirmed.

[BearsToBulls]

[Homework on Mempool - Questions

1. What is the mempool?
   A: A list of unconfirmed transactions

2. What happens if the miners can’t keep up with the rate of the new transaction?
   A: The Mempool will grow in size.

3. How does a growing mempool effect transaction fees?
   A: The confirmation times slow and the transaction fee increase.

[LuMpY7]

@ivan

Homework on Mempool - Questions

1. What is the mempool?
2. What happens if the miners can’t keep up with the rate of the new transaction?
3. How does a growing mempool effect transaction fees?

1.) A mempool is a waiting area in a full node for transactions that need to be confirmed by a miner.

2.) If the miners can’t keep up and a “traffic Jam” occurs then the transaction will wait in the mempool until the next available 10 min block, or it can be dropped from the mempool and returned to the wallet from whence it came.

3.). A growing mempool makes miners look for the higher transaction rates to confirm a block which would cause lower transaction fees to have longer wait times.

[DUUKA_SMASH]

1.) What is the mempool?
- The mempool is where unconfirmed transactions go until later confirmed. Unconfirmed transactions will be allocated to a list amoungst lists between nodes that prioritize the transactions based on their size in satoshi’s/byte which equates to the value(profitability) for the miners since the their incentive is the reward of more bitcoin.

2.) What happens if the miners can’t keep up with the rate of the new transaction?
- List becomes larger and therefore the blockchain confirmation is lagged aka takes its precious time.

3.) How does a growing mempool effect transaction fees?
- Those who pay less will pay more with the most valuable currency known as time…O_O. The incentive for miners is to get the most satoshis as possible. So the more you pay, the quicker your day. The less you pay the longer in the mempool you stay. Ultimately in satoshi terms…fees go up lol.

DUUUKKAAAA SMAASSHHHHHH!!!

[Mike_C]

1. The mempool is the list of unconfirmed transactions

2. If the miners can’t keep up with the rat of the new transaction the transaction time will go up

3. the fees will go up.

[cryptopowers]

What is the mempool?

    The mempool is a holding area for uncomplete bitcoin transactions that have been verified. The transaction wiats there to be picked up by a miner.

What happens if the miners can’t keep up with the rate of the new transaction?
    
    lowest fee transaction will be dropped and fees will be increased

How does a growing mempool effect transaction fees?

   fees increase as mempool size increases

[Creator3168]

1. What is the mempool?
   The mempool is the data structure on a node holding all unconfirmed transactions.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   If the miners cannot keep up with the rate of the new transaction, the number of transactions in the mempool will increase until the block is full and a new one is created.
3. How does a growing mempool effect transaction fees? As the mempool gets larger, the amount of storage space needed to hold those transactions become more scarce. Thus, to incentivize the miners to add the transaction to the block, higher fees are offered.

[claudiorox]

1. The waiting room for unconfirmed transactions, before a miner will put them in a block.

2. transactions will take longer to get confirmed.

3. If there are a lot of transaction waiting to be confirmed from miners, you’ll have to pay higher TX fees (sat/bytes) if you wanna get prioritized and get your transaction approved quicker.

[Technophile]

1. What is the mempool?
   The mempool is where unconfirmed transactions are put while waiting to be picked up by a miner and added to the blockchain.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   If miners can’t keep up then the mempool grows and transaction times increase.

3. How does a growing mempool effect transaction fees?
   Miners deal first with the transactions that have the highest fees, so a larger mempool will cause the overall expected transaction fees to increase as people will want their transactions to be added sooner rather than later.

[Francois_Rwabukwandi]

1. The mempool is where any unspent transaction is kept while waiting to be confirmed. Any nod has got its own mempool for unconfirmed transaction.

2. the miners will ask the blockchain all the unspent transactions to process tnem. . Once done these unconfirmed transactions will be sent pending block by the miners and here they become confirmed.

3. The miners have to make money. The more transactions need to be process, the more fees will be charges satoshi/bites. The more time used to make transactions the more fee to be charges.

[Keith]

1. The mempool (short for Memory Pool) is the collection of unconfirmed transactions which adhere to network protocol held by the nodes of the network. Each nodes confirms the transaction is valid before propagating to the next node. The mempool is constantly propagated through the network and is continually added to as new transactions are submitted, so a view of the mempool shows a snapshot of the nodes queried. The unconfirmed transactions await selection by a miner for inclusion to a new block which, if accepted by the network, rewards the miner with the transaction fee. The miners look for the highest fee per byte of data used in the transaction in order to maximise the profitability of the new block.

2. If the miners cannot keep with the pace of new transactions submitted to the network the mempool grows.

3. Transactions fees will rise as the mempool gets larger. The are a few reasons for this. In order to make a transaction a higher priority wallets will raise fees to make the transaction more of a priority to the miners but also as each node is run on individual computers in the network, eventually a computer may run out of memory to store the growing pool. In this case the node now begins to reject transactions below a given fee to prevent the pool from overwhelming the computers memory. This too creates an inflationary pressure on fee costs. Note, in previous versions of bitcoin the node would crash and reboot filling the mempool with new transactions and was a way spamming transactions could adversely affect the network. It is also worth noting that transactions that have been in the mempool more than 2 weeks are returned to the sender.

[Amjak]

1. it is the list of all unverified transactions a node has at any one moment in time.

2. the number of transactions in the meme pool will increase and so will the transaction time.

3. the transaction fee will become higher as transactions compete to get on the next block mined.

[Boba-Kush]

1. What is the mempool?

A. A Mempool is where transactions are stored in a node before they are sent to the next node.

2. What happens if the miners can’t keep up with the rate of the new transaction?

A. The Mempool will get larger.

3. How does a growing Mempool effect transaction fees?

A. Fees will be increased to speed up the mining.

[Fabrice]

@Keith

Transactions fees will rise as the mempool gets larger. The are a few reasons for this. In order to make a transaction a higher priority wallets will raise fees to make the transaction more of a priority to the miners but also as each node is run on individual computers in the network, eventually a computer may run out of memory to store the growing pool. In this case the node now begins to reject transactions below a given fee to prevent the pool from overwhelming the computers memory. This too creates an inflationary pressure on fee costs. Note, in previous versions of bitcoin the node would crash and reboot filling the mempool with new transactions and was a way spamming transactions could adversely affect the network. It is also worth noting that transactions that have been in the mempool more than 2 weeks are returned to the sender.

Yes, Every node can choose the size of the mempool and how long a transaction can stay.

-maxmempool = n

limit the memory usage of
mempool transactions to a
max of n megabytes
(default: 300)

-mempoolexpiry = n

don’t keep transactions
that are more than n
hours old
(default: 2 weeks)

[Keith]

Hey Fabrice. The article I was reading gave a list the node uses to confirm the transactions coming into the mempool and a lot more detail but I knew I was going to get bogged down if I went too far down that road. Im guessing there will be more details the further I get into the course. Its great you guys are constantly chipping in with help and I really appreciate all the help

[Fabrice]

Awesome

Check this pdf out:

mempool.pdf

[Hakim_Craddock]

@ivan

• What is the mempool?
  a list of unconfirmed transactions waiting to be mined and submitted to the blockchain
• What happens if the miners can’t keep up with the rate of the new transaction?
  mempool gets backed up, fees get higher, and transaction times take longer
• How does a growing mempool effect transaction fees?
  well it’s a competition, so the higher fee transactions get mined first, which drives up the price of fees

see answer above okay thanks

[Keith]

Cheers dude. Threw up a few more terms to think about, like orphaned tx’s…but also something i can keep to refer back to

[doantsen]

1. The mempool consists of the transactions that are awaiting to be put into the next block by the miners.
2. The mempool grows in size
3. The fees will rise

[Galeman]

Mempool is a backlog if transactions, tx fees determined by offer and demand.